Plus, researchers see signs of a bubble brewing in the U.S. housing market. But there's good news, too.
Good morning. Salt Lake City will have a high of 59° and a low of 38°. Years ago, I met Elder Dieter F. Uchtdorf while I was working at an event. I, along with some younger volunteers, was trying to greet people and give them programs as they arrived, but everyone kept passing us by without seeming to notice us. But when Elder Uchtdorf arrived, he made a point to greet each of us and shake our hands. I was reminded of Elder Uchtdorf's kindness and awareness of individuals as I've seen his Facebook post reflecting on his own refugee experience making the rounds. "Please find an opportunity to help those in need—even if all you can do is pray and fast in behalf of those who struggle," Elder Uchtdorf wrote. Also on our mind today: "contagious" vaccines, the big shows coming soon to Utah and why Devin Lloyd played it safe at Utes pro day. |
| A U.S. housing bubble is brewing. What does it mean for Utah? |
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| | The bad news: Researchers and economists at the Federal Reserve Bank of Dallas see signs of a housing bubble in the U.S. The good news: Researchers said they don't expect the bubble bursting would be comparable to the 2007 crash “in terms of magnitude or macroeconomic gravity.” What it means for Utah: Don't panic, but proceed with caution, said Dejan Eskic, a senior research fellow at the University of Utah’s Kem C. Gardner Policy Institute who specializes in housing research. Today's bubble isn't the same as what happened in 2008 for several reasons, according to Eskic. Lack of supply is driving the increase in housing prices. It's harder to get a mortgage today thanks to tighter lending requirements. There's not as much market speculation in Utah — investors make up only about 15% of the housing market here. “For prices to really crash,” Eskic said, “you need some black swan economic frenzy event and people can’t make their monthly payments.” |
Read more about the factors contributing to the housing market "exuberance" researchers found. |
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